ChargePoint Holdings, Inc. (NYSE:CHPT) shares are trading lower Thursday after the company reported fourth-quarter financial results and issued soft guidance.
ChargePoint Double Beat Offset By Weak Q1 Outlook
ChargePoint reported an adjusted loss of 54 cents per share, beating the consensus estimate for a loss of $1.03. In addition, the company reported revenue of $109.32 million, beating the consensus estimate of $104.69 million and representing a 7% year-over-year increase.
Subscription revenue rose 11% year over year to $42.5 million, while network charging systems revenue increased 10% year-over-year to $57.6 million.
"While the broader market remains dynamic, our focus on execution, efficiency, and strategic partnerships positions us well as charging demand continues to grow. We made meaningful operational progress over the past year and are committed to building on that momentum," said Rick Wilmer, CEO of ChargePoint.
ChargePoint ended the quarter with $141.6 million in cash and cash equivalents. Looking ahead, the company sees first-quarter revenue of $90.00 million to $100.00 million, versus the consensus estimate of $104.07 million, which appears to be weighing on shares Thursday.
Following the company’s quarterly results, RBC Capital analyst Christopher Dendrinos maintained a Sector Perform rating on and lowered the price target from $9 to $6.50. ChargePoint has an average rating of Neutral and a consensus price target of $6.34, per Benzinga data.
ChargePoint Stock Falls Thursday
CHPT Price Action: At the time of writing, ChargePoint shares are trading 9.54% lower at $5.88, according to data from Benzinga Pro.
Image via Shutterstock
